DURHAM, NC / ACCESSWIRE / October 5, 2017 / TreyNet Realty Capital REIT, Inc. (“TreyNet REIT”) continues to grow its single tenant, net lease portfolio by purchasing its 4th Dollar General. On Sept. 22, 2017, TreyNet REIT acquired a large format 10,640 square foot Dollar General in Oologah, Oklahoma. This represented a relocation of a smaller format store. Home of “America’s Favorite Cherokee Cowboy”, actor and comedian, Will Rogers, made a name for this town. Visitors frequent Oologah to see the Will Roger’s Birthplace Ranch as well as the Oologah Lake which has fishing, boating, and camping. Oologah is just 30 minutes to the Tulsa International Airport and 15 minutes from Rogers State University. Population growth in a 5-mile radius is expected to grow by 5.5% over the next 5 years.
Under contract is a 9,100 square foot Dollar General located in South Carolina that should close in November. This 5th store will bring the total asset size of TreyNet REIT to $7 million in just 6 months from breaking escrow in May of 2017. The other Dollar Generals are located in Pisgah Forest, North Carolina; and Crossville and Ten Mile, Tennessee. All five are brand new buildings and Dollar General has entered into a 15-year NNN lease with renewal options with TreyNet REIT as the landlord. Dollar General operates 13,865 stores in 44 states and is an investment grade tenant with a current BBB credit rating.
TreyNet REIT’s focus for new store acquisitions is small box retail (2,000 to 15,000 sq ft) that generally do not compete with internet only businesses. The industries being pursued are Quick Service Restaurants, Auto Care Aftermarket (quick lubes, tire stores, tunnel carwash, and auto parts stores), General Merchandise (dollar stores and drug stores), and retail energy (convenience stores and truck stops with gasoline). The goal of TreyNet REIT is that 25% of the tenants will be investment grade.
TreyNet REIT does not build anything but rather buys existing cash flowing properties. Then the properties are typically funded 50% equity and 50% debt. The REIT is prohibited from exceeding 65% in leverage.
The number of shareholders continues to increase as TreyNet REIT has 45 shareholders to date. That leaves just 55 slots for investors to become a member of the Founder 100 Shareholders Club. Management has a goal of reaching that number by the end of this year. Founding club members will receive several benefits including an annual special event.
TreyNet REIT is headquartered in Durham, NC at 3600 N. Duke Street Suite 109, Durham, NC 27704.
To learn more about TreyNet Realty Capital REIT, Inc. go to www.treynetreit.com.
For more information contact Donald R. Draughon, Jr. Chairman and CEO at (919) 608-0790.
SOURCE: TreyNet Realty Capital REIT, Inc.
Information contained on this page is provided by an independent third-party content provider. Frankly and this Station make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact firstname.lastname@example.org